Nov 18, · Bitcoin: new historical high for the market cap By Marco Cavicchioli - 18 Nov Bitcoin’s market cap has recorded its new highest ever value. Indeed, according to affcrypto.de data, in the last 24 hours, it has reached billion dollars, stabilizing around billion dollars. XRP is down % in the last 24 hours. The current CoinMarketCap ranking is #4, with a market cap of $16,,, USD. It has a circulating supply of 45,,, XRP coins and a max. supply of ,,, XRP coins. The top exchanges for trading in XRP are currently Binance, Huobi Global, HBTC, Dsdaq, and Hydax Exchange. Dec 17, · Bitcoin alone represents over 65% of the market capitalization of all other virtual currencies. Along with Bitcoin, almost all digital assets from the top 10 in terms of capitalization also rose in price, according to data from the coinmarketcap. The total capitalization of the cryptocurrency market grew to $ billion.
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The value of the price of the individual token is not in itself relevant. Or rather, it is the variation of the prices that is very relevant, especially for who buys or sells, but the value of the price in absolute terms is not significant. Instead, the market capitalization is a good estimate of the true market value of a cryptocurrency , so much that it is also used to make the comparisons between the various crypto assets.
For example, bitcoin is not the cryptocurrency with the highest value per token, in fact the price of yearn. It is therefore incorrect to compare the prices of the single tokens, while it is correct instead to compare the market capitalizations, in fact Bitcoin is worth times more than YFI. Despite this, it is the fourth cryptocurrency in the world in terms of market capitalization, with more than 13 billion dollars, while for example LINK Chainlink , which is in fifth place, has a price of Therefore, the fact that Bitcoin has recorded a new historical high for its market capitalization means that, overall, this cryptocurrency has never been more valuable than it is now in all of its history , although for BTC holders it certainly matters more that the price is still below the historical high of December 17th, Class , Marco teaches web-technologies and is an online writer specializing in cryptocurrencies.
Gox hack where 4, Bitcoins were stolen. A number of significant events took place in as well, which include the opening up of several new cryptocurrency exchanges - as well as names such as Wordpress started to accept Bitcoin payments. In November of the year, block rewards halved for the first time. However, was the year that changed it all - and showed to the world, the massive potential of Bitcoin prices, making it a viable investment opportunity.
While was a year when Bitcoin prices surged to new highs, Mt Gox, similar to - was hacked again - this time for , BTC - the biggest Bitcoin theft of all times. Following this incident, Mt Gox declared bankruptcy and shut down, causing the cryptocurrency prices to collapse over the course of the year. However, this was also the year major organizations such as Dell and Microsoft began to accept Bitcoin payments. While the year began on a rather glum note with Bitstamp being hacked, it eventually turned out to be a more stable year than ever before.
Bitcoin gained mainstream notoriety this year as it was featured on the front page of The Economist. Over the course of the year, Steam began to accept Bitcoins. The biggest year on record for Bitcoin. It was a year of rapid growth which attracted many new as well as first-time investors towards investing in the currency. Let us take a look at the economics behind bitcoin price movement.
Demand: Demand and Supply are the two basic concepts that govern the price of any commodity. It is the same for Bitcoin too. The higher the demand of the currency, the higher its price will be because of the limited supply. However, while people continue to invest in Bitcoins all the time - the demand for Bitcoins starts to rise as the price falls. This elastic nature of Bitcoin means that the currency is always in demand.
Supply: Bitcoin, in many aspects, is similar to gold. Like gold, which is an exhaustive precious metal available only in a limited quantity - Bitcoin too, is limited.
Only 21 Million Bitcoins will ever exist. This aspect of scarcity and rarity of the currency gives it value. Out of these 21 Million, Satoshi Nakamoto, the anonymous creator of Bitcoins holds 4. Flaws in Existing Banking Systems: The existing banking systems are a centralized concept, governed by a centralized governing body. These banking systems can be slow and often charge a high amount of fees too. However, when it comes to cryptocurrencies, there is no centralized authority that governs the transactions - it is instead a decentralized and distributed system based on an open ledger.
The transactions are faster as well as cheaper compared to bank charges. Moreover, sometimes banks impose unfair embargos upon businesses or individuals. Cryptocurrencies help bypass this kind of a blockade.